BitMine Increases Ethereum Holdings to 4.47 Million Tokens

BitMine Immersion Technologies disclosed on Monday that it now holds 4,473,587 Ethereum tokens, valued at approximately 9.1 billion dollars, after acquiring more than 50,000 additional tokens in the past week. The announcement, made amid a cryptocurrency market rally that pushed Ethereum's price above 2,000 dollars, propelled the company's stock up nearly 8 percent to 21.12 dollars.

The purchase of 50,928 Ethereum tokens, executed at an average price near 1,976 dollars, increased BitMine's total holdings from 4,422,659 tokens the previous week. This positions the company as a major player in the Ethereum ecosystem, controlling about 3.71 percent of the cryptocurrency's circulating supply, estimated at 120.7 million tokens. Officials at BitMine described the accumulation as part of its ongoing strategy to build a significant Ethereum treasury, advancing toward a goal of 5 percent network control outlined in its Alchemy of 5 roadmap.

A substantial portion of the holdings is actively staked, with 3,040,483 Ethereum tokens generating annualized revenue of 172 million dollars through staking yields. At a recent seven-day yield of 2.86 percent, full-scale rewards could reach 253...